What happened
Snowflake finance was rug pulled. An EOA address was able to remove liquidity from the Snowflake pools for a total of 468,000 $USD due to the backdoor functionality in the protocol.
The Snowflake Exchange protocol is a single-side AMM (decentralized exchange) designed for
exchanging stable cryptocurrencies (USDT, USDC, DAI).
All protocols contracts are built using a Proxy upgradability pattern. In that case, the project admin has the ability to change implementation anytime. All project liquidity pools have a privileged caller with the role of "pool". Currently, the pool has unverified implementation and exactly this contract was used for the rug pull.
Scammer addresess:
Liquidity drain transactions:
Protocol details
Evidence
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